May 7th, 2014
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Question description

QU E S T I O N S  F O R  R E V I E W
1.  What  is  meant  by  the  balance  of  payments?  In
what way is the balance of payments a summary
statement? What is meant by an international trans-
action? How is a resident of a nation defined? In
what way is the time element involved in measuring
a nation’s balance of payments?
2.  What is a credit transaction? a debit transaction?
Which  are  the  broad  categories  of  international
transactions classified as credits? as debits?
3.  What  is  double-entry  bookkeeping?  Why  does
double-entry bookkeeping usually involve an entry
called statistical discrepancy? How does such a sta-
tistical discrepancy arise?
4.  What  is  meant  by  the  current  account?  Did  the
United States have a deficit or a surplus in the cur-
rent account in 2011? What was its size?
5.  What  was  the  size  of  the  net  financial  outflows
(including  U.S.  official  reserve  assets)  in  2011?
What was the size of the net financial inflows to
the United States in 2011?
6.  Why is the classification of international financial
flows into short term and long term not stressed
anymore today as it was in the past?
7.  How was the statistical discrepancy of (−) $89 bil-
lion for 2011 arrived at? By how much did U.S. official  reserve  assets  change  in  2011?  By  how
much did foreign official reserve assets change in
8.  Which  items  does  the  financial  account  in-
clude? What is meant by the autonomous transac-
tions?  accommodating  transactions?  Which  items
does the official reserve account include?
9.  How  is  an  official  settlements  deficit  or  surplus
measured? What was the size of the U.S. balance
of payments in 2011?
10.  What are the most serious pitfalls to avoid in ana-
lyzing a nation’s balance of payments or statements
of international transactions?
11.  What were the cause and effect of the large U.S.
trade imbalance during the postwar period?
12.  What  is  meant  by  the  international  investment
position  of  a  nation,  or  its  balance  of  interna-
tional indebtedness? What is its relationship to the
nation’s balance of payments?
13.  What is the most important use of the statement of
the international investment position of a nation?
14.  What are the benefits and risks of the

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